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IRDAI Enforces 3-Hour Time Frame for Processing Cashless Insurance Claims

June 4, 2024
Finance
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The Insurance Regulatory and Development Authority of India (IRDAI) has issued a directive requiring insurers to expedite the approval of cashless claims, setting a strict three-hour deadline. This regulation is part of IRDAI’s broader effort to improve the health insurance system in India, emphasizing customer satisfaction and transparency.

The circular also encourages insurers to broaden their offerings with a variety of insurance products, add-ons, and riders, aiming to cater to the diverse needs of policyholders. These initiatives are expected to enhance the trust and uptake of health insurance, as they promise more efficient service and a wider range of coverage options.

IRDAI’s commitment to these customer-focused reforms is likely to set new standards for service quality in the health insurance industry, fostering an environment of transparency and dependability.

Ultimately, these measures are designed to make health insurance more approachable and tailored to the needs of policyholders, thereby strengthening their confidence and trust in the insurance sector.

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